Due to BTC's heavy correction and making a lower low, ETH ended up correcting heavily. It bounced almost perfectly at the .786 fib level to indicate that ETH is still within an impulse move up. By measuring the move from the wave 1 to wave 2, the target price for the wave 3 is around $1200 and expected to happen within about a one and a half months. I believe we are looking at a target of about 2~2.5k for ETH by the end of all 5 waves and looks much more bullish than BTC until targets are reached. My reasoning behind this is the possible ETH futures market opening up and positive sentiments around ETH and smart contracts overall in the field. This also means that Alts will most likely perform very well while ETH makes its run. A very long term plan would be to move all alts and ETH into BTC when ETH does hit the target price at 2.5k.
At the end of the day, ETH still depends heavily on BTC for dollar value, and if BTC does not end it's correction phase, the targets may never be reached and we may see a wave failure and further lower lows. I personally believe, ETH under $500 is a must grab, maybe not a all in move, but definitely throwing in some money to see 2~3x gains within months.
At the end of the day, ETH still depends heavily on BTC for dollar value, and if BTC does not end it's correction phase, the targets may never be reached and we may see a wave failure and further lower lows. I personally believe, ETH under $500 is a must grab, maybe not a all in move, but definitely throwing in some money to see 2~3x gains within months.